During 2015, Shorts Company had the following transactions:
A.
Purchased $200,700 of 10-year bonds issued by...
During 2015, Shorts Company had the following transactions:
A.
Purchased $200,700 of 10-year bonds issued by Makenzie
Inc.
B.
Acquired land valued at $69,200 in exchange for machinery.
C.
Sold equipment with original cost of $539,600 for $330,500;
accumulated depreciation taken on the equipment to the point of
sale was $179,900.
D.
Purchased new machinery for $120,500.
E.
Purchased common stock in Lemmons Company for $56,000.
Required:
1.
Prepare the net cash from investing activities section of the
statement of...
A company entered into the following transactions during the
year: Purchased stock for $200,000 Purchased electronic...
A company entered into the following transactions during the
year: Purchased stock for $200,000 Purchased electronic equipment
for use on the manufacturing floor for $300,000 Paid dividends to
shareholders of the company in the amount of $800,000 The amount to
be reported in the investing activities section of the company's
statement of cash flows would be
Flynn Co. reported sales of $250,000. If accounts receivable
decreased $10,000 during the year:
Sales is...
Flynn Co. reported sales of $250,000. If accounts receivable
decreased $10,000 during the year:
Sales is greater than cash collected
Cash collected is greater than sales
Cash collected is the same as sales
None of the above
Refer to the previous question. The amount of cash collected
is:
Use the following to determine the cash flows provided by or
used in investing activities:
Net income is $145,000, including a gain on the sale of
building of $25,000.
The equipment cost...
Jada Company had the following transactions during the year:
Purchased a machine for $440,000 using a...
Jada Company had the following transactions during the year:
Purchased a machine for $440,000 using a long-term note to
finance it.
Paid $460 for ordinary repair.
Purchased a patent for $48,000 cash.
Paid $160,000 cash for addition to an existing building.
Paid $52,000 for monthly salaries.
Paid $240 for routine maintenance on equipment.
Paid $10,000 for major repairs.
Depreciation expense recorded for the year is $20,000.
A. If all transactions were recorded properly,
what is the amount of increase to...
During the period, Sanchez Company sold some excess equipment at
a loss. The following information was...
During the period, Sanchez Company sold some excess equipment at
a loss. The following information was collected from the company’s
accounting records
From the
Income Statement
Depreciation
expense
$
830
Loss on sale of
equipment
3,500
From the
Balance Sheet
Beginning
equipment
19,900
Ending
equipment
11,400
Beginning
accumulated depreciation
1,860
Ending
accumulated depreciation
1,760
No new equipment was bought during the period.
Required:
1. For the equipment that was sold, determine
its original cost, its accumulated depreciation, and the cash...
1. Yellow Mango Company had the following transactions during
2016:
• Sales of Php 4,500 on...
1. Yellow Mango Company had the following transactions during
2016:
• Sales of Php 4,500 on account
• Collected Php 2,000 for services to be performed in 2017
• Paid Php 1,625 cash in salaries
• Paid Php 5,000 for insurance effective 2017.
What is Yellow Mango’s 2016 net income/net loss using accrual
accounting?
2. On January 1, 2016, Ms. Scarlet set up a sole proprietorship.
She contributed cash of Php 1,500,000 and secured a loan of Php
220,000 ....
Waddell Company had the following balances in its accounting
records as of December 31, 2018:
Assets...
Waddell Company had the following balances in its accounting
records as of December 31, 2018:
Assets
Liabilities and
Equity
Cash
$
53,000
Accounts Payable
$
30,000
Accounts Receivable
42,000
Common Stock
77,000
Land
27,000
Retained Earnings
15,000
Totals
$
122,000
$
122,000
The following accounting events apply to Waddell Company’s 2019
fiscal year:
Jan.
1
Acquired $48,000
cash from the issue of common stock.
Feb.
1
Paid $5,700 cash in advance for
a one-year lease for office space.
Mar.
1...
Financial statements for Discovery Company follow:
DISCOVERY COMPANY
Statement of Financial Position
As of 31 December...
Financial statements for Discovery Company follow:
DISCOVERY COMPANY
Statement of Financial Position
As of 31 December
20X4
20X3
Assets
Current assets:
Cash
$
28,000
$
24,400
Accounts receivable
779,500
747,200
Inventory
635,900
580,800
Total current assets
1,443,400
1,352,400
Land
529,900
228,800
Plant and equipment
2,664,700
1,844,100
Less: Accumulated depreciation
(1,357,700
)
(1,339,200
)
Patents
140,800
148,000
Total assets
$
3,421,100
$
2,234,100
Liabilities and shareholders’ equity
Liabilities:
Current liabilities:
Accounts payable
$
439,000
$
482,400
Salaries and wages payable
69,200...
Comparative statements of financial position for Bayshore
Industries, Inc., as of December 31, Year 2 and...
Comparative statements of financial position for Bayshore
Industries, Inc., as of December 31, Year 2 and Year 1, are
presented below.
Bayshore Industries, Inc.
Statements of Financial Position
December 31, Year 2 and Year 1
Year 2
Year 1
Change
Assets
Current assets
Cash and cash equivalents
$ 216,000
$ 144,000
$ 72,000
Trade receivables - net
3,434,000
1,971,000
1,463,000
Inventory
810,000
216,000
594,000
Prepaid expenses
18,000
--
18,000
Total current assets
4,478,000
2,331,000
2,147,000
Property and equipment
7,780,000
7,740,000
40,000
Minus:...